Wells Fargo Canada: Severance Packages

Wells Fargo Canada is a large bank based in the United States that operates throughout Canada. The company provides a wide range of financial services, including retail and commercial banking, wealth and investment management, corporate and investment banking, and insurance products.

Wells Fargo’s Canadian headquarters is located in Toronto, Ontario. The company’s 1,000 employees work from additional offices in Calgary, Mississauga, Montréal, and Vancouver. Roles at Wells Fargo include controllers, investment bankers, financial analysts and advisors, data analysts, accountants, software engineers, customer service representatives, human resources employees, marketing specialists, operations and project managers, IT specialists, administrative staff, and executive positions.

Henry Wells and William G. Fargo formed Wells Fargo & Company in 1852 to provide banking services in California in response to the California Gold Rush. Wells Fargo Bank was acquired by Northwest Corporation in 1998, which assumed the Wells Fargo name.

Severance for Wells Fargo Canada employees

In Canada, non-unionized employees at Wells Fargo may get up to 24 months of severance pay when they are fired or laid off from their job. This applies to individuals working in any capacity—full-time, part-time, or hourly—in Ontario, Alberta, and British Columbia. Contractors may also be entitled to severance pay due to employee misclassification.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause.

Even if an employee is fired for cause, they may still be eligible for full severance pay. This is due to the high standards required to legally justify for-cause dismissal.

LEARN MORE
• Severance for provincially regulated employees
• Severance packages in mass layoffs
• How severance pay works by company
• Severance for federally regulated employees

The right to severance pay is consistent regardless of economic conditions, company downsizing, business closures, or significant public health events, such as the COVID-19 pandemic.

WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.

The employment lawyers at Samfiru Tumarkin LLP have represented tens of thousands of employees over the years in severance package negotiations.

We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry level jobs to executives.

How to properly calculate severance pay

Employers often incorrectly calculate severance pay. There is a belief that severance pay is one week’s pay, two weeks’ pay, or a week for every year of service an employee has with the company.

For non-unionized employees, the main factors of termination or severance pay include age, length of service, position, bonuses, benefits, and the ability to find new work.

If you work at the Wells Fargo, you are likely a federally regulated employee. That means your severance package must consider:

• Your minimum severance as a federally regulated employee, as set out by the Canada Labour Code.
• Your full severance pay according to our legal system (common law) which can be as much as 24 months’ pay.

To figure out how much compensation you may be entitled to, use our firm’s Pocket Employment Lawyer.

ADDITIONAL RESOURCES
• Severance Pay in Ontario
• Alberta severance packages
• Understanding severance in B.C.
• Layoffs in Canada

Don’t sign on the dotted line!

Do not accept any severance offer, termination papers, or exit agreement that the Wells Fargo may provide you with.

Once you sign back these documents, you eliminate your ability to negotiate a fair and proper severance package.

Generally speaking, if an employee does not receive the proper amount of severance pay when they lose their job, they may be considered to have been wrongfully dismissed. An employment lawyer at Samfiru Tumarkin LLP can analyze your situation and explain how much compensation you may be owed.

Talk to an employment lawyer

The experienced employment law team at Samfiru Tumarkin LLP has helped tens of thousands of non-unionized individuals across the country. In addition to severance package negotiations, our team has experience securing solutions for the following employment matters:

Our lawyers in Ontario, Alberta, and B.C. stand ready to help you solve your workplace issues.

If you are a non-unionized employee who needs help with an employment issue, contact us or call 1-855-821-5900 to get the advice you need, and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer.